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"Short sales approval requires that you are at..."

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You need to contact your lender immediately. Ask for the loss mitigation department. Lenders are required by law to offer many alternatives to foreclosure, but some of the options aren`t available after 60 days. At this stage you can discuss forbearance, repayment, and/ or reinstatement if your financial difficulties are short-term and you want to stay in the home.
If you don`t expect your finances to improve, you may want to put your home on the market before foreclosure begins. If you owe more than it is worth, you may want to discuss a short sale with your lender. This is where they allow you to sell your home for less than the loan amount. You will incur a tax liability for the amount written off. Short sales approval requires that you are at least 2 payments late and that your home should be able to sell within 90 days- often tough in this market.
If your situation if long-term but you want to keep your home, explore loan renegotiation (length, interest rate, fixed vs adjustable) or a partial claim on your FHA mortgage insurance. Partial claims are basically interest free HUD loans to get you caught up. The money is due when you sell or after you`ve paid off your first mortgage. Partial claims are an option if the home is insured and you are 4-12 months late.
If you or your spouse are in the military or your house is in a federally declared disaster area, there are even more programs to help you save your home.
Check out these articles for more info and links to HUD and FHA.
Good luck! Do your research and call your lender immediately!

"In some states even if you default the loan the creditor still has..."

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If your house is underwater and you are considering a strategic default in many cases this may be the best business decision you can make. Before you think you have found free money and an easy exit from your problems i advise you to seek the council of a real estate lawyer to find out what the rules are in your state regarding whether loans are recourse or non recourse in nature. In some states even if you default the loan the creditor still has rights to gain repayment from you so you better check which type of state you are living in before you make this decision or you may not be getting what you bargained for.

"I will say about this question how long do you have to stop making..."

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First of all i will say about this question How long do you have to stop making payments for forclosure, that this scenario basically depends on the situation and laws that after how much notices it will start the procedure of foreclosure but after chapter 7 and chapter 14 bank will not take much time to foreclose. Generally after 3 miss payments or 3 months they start warning you for their strict action. So try to avoid these situations for your comfortablity otherwise foreclosure of your house will be started or foreclosure of any property and savings which bank possesses from your side will be auctioned. thank you.

"Foreclosure normally takes as long as few months to happen after you stop making payments..."

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In California, foreclosure normally takes as long as few months to happen after you stop making payments. After you stop paying, you are first intimated that you are a defaulter and then if you do not take any action, the next step is foreclosure. Therefore, it is important not to stop making payments. Otherwise, you can be a victim of foreclosure in California. Foreclosure is not at all a good thing and if you want to save your house from it in California, you should make payments on time without putting a stop to it. By doing that, you can save your house from foreclosure in California.
Keegan.

"They give you 90 days after last payment..."

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For getting the exact figure you need to go to the bank and sit down and must talk to them face to face. the people at the lacal branch will not be able to help you But they will able to tell you the concern department of bank that you need to talk with.You also need to find out your local community has a financial assistance program that can also provide you free counseling and guidance to help you through the forclosure procedure.They will let you know that how much time you have i think they give you 90 days after last payment.

"Once you stop making your payments to the bank..."

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Once you stop making your payments to the bank, you can live in you house for 3 to 5 months depending upon the state where you live and the bank which is going to undergo the process of foreclosure for you. The foreclosure process will start 3 months after you missed your first payment. Then, you will receive a letter from the bank telling that they are starting with the process of foreclosure. then it take 1-2 months to finish up with foreclosure process. Jack Powell.

About several months like that tree months or six month.during this period if you not making payments i will become foreclose.it is depending on your state where you live and the bank who gave you loan and about your states with the bank.any way the bank send a letter to you and remind to you now you are reaching to foreclose before they do it.according to your action for the letter they will decide what they want to do as the next step for foreclose.

"It takes as long as 111 days or more for..."

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It takes as long as 111 days or more for foreclosure after you stop making payments in California. When a borrower fails to take a loan payment, then a copy of Notice of Default is sent to the borrower within 10 business day. The borrower has 90 days to cure the default and in case he fails to do so, a Notice of Sale is recorded according to which the lender has the right to sell the property at auction in 21 days. Ann Mariee.

"The payment was stopped to foreclose your property..."

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If you miss out on payments for your house loans, the bank will send you a notice asking you t contact the bank authorities soon to negotiate the terms. But if you miss out on this, the bank will be sending you another notice to finish the payments within 90 day. The procedures varies from bank to bank. It usually takes a bank 5 months from the date on which the payment was stopped to foreclose your property. Richard Darwin.

"If the borrower stops making payments..."

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If the borrower stops making payments, the mortage company will not start foreclosure proceedingstill the time, the borrower is three to six months behindon his payments. The foreclosure process is initiated by the mortage company once , it is clear with them that the debt can not be serviced any longer. The speed with which the mortage compant or bank can foreclose ona borrower depends upon the state law.
Jason Corner.

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